Viscount goes public with IPO
BURNABY, British Columbia-Viscount Systems has hit the public market and is now traded on the NASD OTC Bulletin Board under the stock symbol VSYS.
The move from a privately held company to a publicly traded one is expected to raise capital for the access control manufacturer to promote a new product called MESH. The product, which brings together video, voice, and data to create a multi-media security hub for building control management, is expected to ship during the third quarter of the year.
"The number one reason we went public is to finance this revolutionary new technology," said Steve Pineau, chief executive officer of Viscount.
The company's stock hit the market at 65 cents a share. Near press time, less than a month after going public, it was trading at $1.60 a share.
Besides marketing, Pineau said funds raised through stock offerings will be used to educate installers. "We intend to do a large city training tour throughout the U.S. later this year," Pineau.